[QUOTE=“wm247;554157”]Hmmm… still thinking about it. How deep is too deep then? Any particular standard you’ll recommend here? [/QUOTE]
There is no such thing is too deep. I’m in my cell so I can’t post it here, but go back and read my post, no where did I say a retracement shouldn’t be taken. I said don’t write off shallow retracements that happen during a strong trend. If both setups can make the trader money why not learn to trade them both, and you may not find yourself waiting weeks on end for 1 setup.
You are still trading a price pullback and reversal, it is just at a lower timeframe.
I’ll re-read that part again. I do not take any retracement entry for now, but I do plan to incorporate it in my trade plan in the future. It’s kinda interesting to see how it’s applied in practice. The enhancement of RRR is the one that attracts me the most.
[QUOTE=“wm247;554168”]I’ll re-read that part again. I do not take any retracement entry for now, but I do plan to incorporate it in my trade plan in the future. It’s kinda interesting to see how it’s applied in practice. The enhancement of RRR is the one that attracts me the most. [/QUOTE]
We may be getting our retracements mixed up, when I was saying retracement I meant pullback, or retracement of the last price swing, not retracement of a PA candle.
Understood. Just to clarify I guess if you want your cake and eat it you would jump on a strong move at relevant s/r on the daily, which may only be a shallow retracement but look for the entry on the intraday chart, where the retrace /pullback would obviously look deeper, but with obvious PA on the intraday chart at the daily s/r level would tip you off that the strong move still had legs on it so you can jump on
Thanks for catching that, I post different content in this thread and the other advanced topic price action thread. I must have gotten he uploads mixed up.
I have been searching the thread but for some reason can’t find the answer to this.
Which volume indicator do you use? I have just moved to using tradestation (was on FXCM marketscope charts but I have been having so many issues with their poor execution on my small live account I have to leave them)…I can’t seem to get volume data on tradestation…want to use same broker and trading platform if possible
Hey Amy, when you have your charts open right click on the chart area and a menu will pop up. You should see “show tick volume” about half way down the list, just click on that. There are also volume indicators you can add through the Indicators menu, but I am not a big fan of those. Let me know if that works for you.
Is there a way to save your charts other than creating a template? Whenever i close out a chart and then reopen it, it does not have my S/R lines etc, and i have to add a template for that chart. What do you do? Thanks
If I may interject here, there certainly is a way to save your charts in Marketscope… layouts!
So when you have a couple of charts open and all your lines drawn etc, click on File -> Layouts - Save Layout.
Next time you log in, it should load all your previous charts but if it does not, simply go to File -> Layouts -> Open Layout and then select the one you saved earlier - easy!
Thanks - works fine on marketscope but there’s no similar option in tradestation - it’s ok i can use both platforms - will use fxcm just for volume…
How about this for a trade setup?..AUDUSD short
At key horizontal s/r area, 50% fib retrace of long term down trend
bearish engulfing bar on the daily - how do you enter on these PA signals? Tempted to take a 50% retrace of the engulfing candle but may be safer to take a break of the low of that candle and the key support level at 0.9600 - thoughts?
